地缘政治爆发下，贵金属板块点评

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - Geopolitics is the core of this week's precious metals trading. Gold's recent trend highly depends on the geopolitical situation, and other factors have a relatively dull impact. The gold price may open higher next week. If the geopolitical situation doesn't further intensify, it may show a pattern of opening high and closing low, but the gold price center is expected to rise, and the geopolitical risk premium may be persistent [5]. - The inventory of silver continues to decline this week, and the domestic explicit inventory is only around 760 tons. The inventory - holding ratio has dropped to a minimum of 3.8%, indicating that the domestic silver run - risk has not been completely removed. The silver price may continue to rise in March and may reach $100. Affected by geopolitics and the spill - over effect of funds within the precious metals sector, silver, platinum, and palladium may have short - term upward space [5]. - Although platinum and palladium have shown weak performance 2 months after several geopolitical conflicts since 1970, if gold and silver rise impulsively, platinum and palladium may follow. Platinum is expected to perform better than palladium in the safe - haven narrative. Based on weak high - frequency data, the current outflow of ETFs does not constitute a core signal of trend reversal. It is judged that platinum and palladium will be in a volatile market in the next weekly and monthly dimensions. For the unilateral strategy, closely monitor the performance of platinum in the range of $2400 - $2500 per ounce. After it stabilizes around $2400 per ounce, a light - position long position can be considered [6]. Group 3: Summary by Related Catalogs Precious Metals - Geopolitical factors are the core of precious metals trading this week. The gold price rose in the weekend dark - market but then gave back the gains. The subsequent geopolitical situation mainly depends on the new Iranian regime and the status of the Hormuz Strait. The gold price may open higher next week, and its center is expected to rise [5]. - The silver inventory continues to decline, and the inventory - holding ratio is at a low level. The silver price may continue to rise in March, and silver, platinum, and palladium may have short - term upward space [5]. - Platinum and palladium may follow the rise of gold and silver. They are expected to be in a volatile market in the next weekly and monthly dimensions. Pay attention to the performance of platinum in the $2400 - $2500 per ounce range [6]. 场内期权 (Domestic Options) - The implied volatility premium of precious metals domestic call options is relatively high. Bull spread can be considered for long - position layout. Use bull call spread option structure when volatility increases and bull put spread option structure when volatility stabilizes [8]. 场外期权 (Over - the - Counter Options) - For investors planning to continue to layout long positions in gold and silver, considering the high weight and uncertainty of geopolitical factors, it is recommended to buy call options with a short cycle and moderate out - of - the - money degree to control risks and seize opportunities in the rapidly fluctuating market [10].